Strengths and Opportunities

Victoria's Strengths:

  • One of few shovel ready projects with all permits in hand in a low- geopolitical risk jurisdiction
  • Low cost (operating & capital) and high margin nature of Eagle Gold ensures that it should be built in most conceivable gold price scenarios
  • Project benefits from some established infrastructure (including power and camp) and well understood metallurgy
  • With the exception of a small NSR royalty payable, Victoria Gold provides unencumbered exposure to Eagle Gold
    • Investors, as well as corporates, likely to be focused on this
  • Exposure to Canadian Dollar provides hedge against strengthening US dollar which is often associated with weakening gold price
    • Conversely, in a rising gold price environment on the back of a weakening US Dollar, Canadian Dollar strength would limit optionality

Opportunities:

  • Significant near-term catalysts including next tranche of financing and commencement of construction should lead to equity re-ratingt
  • Attractive exploration targets not fully incorporated into the mine plan with additional drilling at Olive Zone not fully incorporated in the mine plan
  • Several additional technical opportunities to increase value above feasibility study model including year-round leaching
  • Prior to and during the development of Eagle Gold, Victoria Gold is an attractive takeover target
    • very prospective region
    • Ideal target for companies with large Canadian tax pools
    • Value received in a take-over would need to be weighed against value proposition and risks associated with stand-alone scenario
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